News Detail

TLG IMMOBILIEN announces a valuation increase of EUR 400 m

DGAP-News: TLG IMMOBILIEN AG / Key word(s): Preliminary Results/Real Estate

08.07.2019 / 20:57
The issuer is solely responsible for the content of this announcement.


TLG IMMOBILIEN announces a  valuation increase of EUR 400 m

- Increase in value of around EUR 400 m for H1/ 2019, portfolio value has increased to EUR 4.6 bn

- Main drivers behind the increase in value are the Berlin portfolio and future projects

- Pro-forma EPRA NAV has increased by around 18% to EUR 3.3 bn

- Pro-forma Net LTV has dropped to below 30%


Berlin, 8 July 2019 - TLG IMMOBILIEN AG (DE000A12B8Z4) can report a preliminary increase of around EUR 400 m in its valuation by 30 June 2019 due to management attention on future projects in the portfolio of the company and an increase in market rents, mainly in Berlin. More than 90% of the value increase is attributable to properties which are located in Berlin.

As a result of the revaluation, the value of the property portfolio has increased from around EUR 4.1 bn as at 31 December 2018 to around EUR 4.6 bn as at 30 June 2019, taking into account acquisitions and disposals in the first six months of 2019.

On the basis of the EPRA Net Asset Value (EPRA NAV) as of 31 March 2019 in an amount of EUR 2.8 bn, and taking into account the EUR 220 m capital increase on 26 June 2019 as well as the dividend distribution in amount of EUR 94 m on 24 May 2019, this results in a pro forma EPRA NAV of approx. EUR 3.3 bn. This is equivalent to an increase of around 18%. As a result the pro-forma Net LTV has dropped to below 30%.

'This value increase reflects the Berlin strong office market performance and is also a result of our company's new management focus on future projects. Our aim is to continue generating value by using our asset management platform and our strength in the capital markets' says Barak Bar-Hen, CEO of TLG IMMOBILIEN.

'Essentially, the EUR 400 m higher valuation enabled us to raise our pro-forma EPRA NAV to EUR 3.3 bn, an increase of 18% compared to the first quarter of 2019, and in turn lower our Net LTV to below 30%. As such, we will have much more flexibility when it comes to financing the future growth of the company through acquisitions and investments', says Gerald Klinck, CFO of TLG IMMOBILIEN.
 

CONTACT

Christoph Wilhelm
Corporate Communications

Phone: +49 30 2470 6355
E-Mail: christoph.wilhelm@tlg.de
Lisa Geppert
Investor Relations

Phone: +49 30 2470 6092
E-Mail: lisa.geppert@tlg.de
 

ABOUT TLG IMMOBILIEN AG

For over 25 years, the listed company TLG IMMOBILIEN AG has owned and rented out commercial properties in selected promising locations in Germany. The company continuously develops its portfolio and actively generates value through strategic investments and selected property acquisitions. As at 31 March 2019, its portfolio contains properties worth in excess of EUR 4.1 bn. As at the same reporting date, the adjusted EPRA Net Asset Value per share amounted to EUR 26.67. The portfolio comprises office properties in cities including Berlin, Dresden, Frankfurt/Main, Leipzig and Rostock. It also contains a regionally diversified portfolio of retail properties, primarily in the neighbourhood shopping segment, in promising micro-locations as well as seven hotels in top central locations. The properties of TLG IMMOBILIEN AG stand out not only due to their excellent locations but also because of their long-term rental or lease agreements. Its highly qualified employees guarantee extensive local market expertise at its individual locations.

This publication contains forward-looking statements based on current views and assumptions of TLG IMMOBILIEN AG's management and made to the best of knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause TLG IMMOBILIEN AG's revenues, profitability or the degree to which it performs or achieves its targets, to materially deviate from what is explicitly or implicitly stated or described in this publication. Therefore, persons who obtain possession of this publication should not rely on such forward-looking statements. TLG IMMOBILIEN AG accepts no guarantee or responsibility regarding such forward-looking statements and will not adjust them to future results or developments.



08.07.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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